from SenatorRandPaul
Crypto: Congress Dawdles as $1.7 Trillion Con-Game Goes Unregulated, Threatening Reputation of U.S. Markets
by Pam Martens and Russ Martens
Wall Street on Parade
If you want to get your hair cut outside of your home in the United States, the job has to be done by a licensed worker at a regulated business. The same thing applies to plumbers, electricians, home inspectors, real estate and insurance agents. They all require a license and are subject to regulatory scrutiny.
Likewise, commodities like corn, sugar, wheat, lumber and oil are all traded on regulated exchanges which are overseen by a federal regulator.
But, for reasons that have yet to be explained to the American people, when it comes to the $1.7 trillion cryptocurrency market – which is effectively a con-game based on the greater fool theory, nothing is regulated. Not the crypto currency; not the promoters; not the crypto exchanges; and not the firms that are providing as much as 100 times leverage to fuel this “rat poison squared,” as the legendary investor Warren Buffett has characterized Bitcoin.
Abolish ICE? Actually, Biden’s Budget Proposal Hikes Spending On America’s Immigration Cops.
More spending on more intrusive government is the Biden agenda all the way down.
by Eric Boehm
Reason.com
At a political rally in Georgia two months ago, President Joe Biden was interrupted by a small but loud group of protestors demanding that he “abolish” Immigration and Customs Enforcement (ICE), the branch of the Department of Homeland Security that’s responsible for capturing and deporting undocumented immigrants.
“I agree with you,” Biden offered, after halting his speech to engage briefly with the chanting activists. “I’m working on it, man. Give me another five days.”
Roughly five weeks later, Biden’s first presidential budget proposal has arrived. It shows that the president isn’t planning to abolish ICE at all. In fact, he’s asking Congress to spend even more on America’s immigration cops—a development that sits uncomfortably alongside political rhetoric on both sides of the aisle.
It Begins: The Fed Will Outright Sell its Corporate Bonds & ETFs
by Wolf Richter
Wolf Street
Another market support gets pulled away and turned upside down.
The Fed announced late Wednesday that it will unwind one of the most iconic bailout facilities of the Pandemic era, namely its holdings of corporate bonds, junk bonds, bond ETFs, and junk bond ETFs that it had purchased last year. The Fed said it will outright sell them.
The Fed’s tersely worded statement said that the bond and ETF sales “will be gradual and orderly, and will aim to minimize the potential for any adverse impact on market functioning by taking into account daily liquidity and trading conditions for exchange traded funds and corporate bonds.”
The Great Conservative Migration
by John Green
American Thinker
The results of the 2020 census are in, and the Democrats are looking very nervous. It turns out that red states are growing and blue states are shrinking. Red States are gaining three congressional seats while blue states are losing three. In fact, California will lose a seat for the first time ever. Legislative and Electoral College power is shifting in favor of the Republicans.
But the propaganda ministry is trying to convince us that this is all good news for the crime family that calls itself the Democrats. The narrative is that liberals are moving from blue states to red states and will eventually turn them blue. But as we’ve learned, if the talking heads are talking, they’re most likely lying. So, let’s examine what they’re saying.
My home state of Idaho is a perfect example of this migration. It has experienced a 17% growth in its population over the past 10 years — the second highest in the nation (Utah was first).
A Deeper Dive Into Silver
by Keith Weiner
Silver Seek
The prices of the metals hit their lows by the end of April. Gold traded for around $1,685, and is now over $1,900. Silver was around $24, and is now over $28. These are big moves (though of course nothing like bitcoin).
Both metals are subject to persistent belief that their prices are greatly suppressed. But right now, silver is widely believed to be in a global shortage. We have explained this as a shortage of retail products, most especially one-ounce silver Eagles which currently trade for a premium of 36% or more over the spot price. We have explained the difference between retail products, which depend on finite manufacturing capacity vs. commercial 1000oz bars.
But today, let’s look at the data. First, here is the silver basis.
Fauci Promised He’d Make Trump Pressure Desantis to Shut Down Gyms, Bars, and Beaches
HIV specialist begged Fauci to ensure “folks” who “pump iron, drink beer, have a burger, and get a tan” couldn’t do so in Florida
by Gabriel Keane
National File
An email exchange between Anthony Fauci and a doctor in Florida from March 2020 shows that Fauci promised to pressure then-President Donald Trump to intimidate Florida Governor Ron DeSantis into closing gyms, bars, and beaches. Both physicians raged at citizens exercising their individual liberty, with Fauci stating he screamed during television interviews “2 to 5 times per night” when he saw young people having fun.
In the emails, which were obtained under a Freedom Of Information Act request, a Florida HIV specialist named Doug Brust declares himself to be on the “front line,” as well as “frustrated” and “angry.” Brust stated, “On the drive home just now, the gyms, bar-grilles, and restaurants still packed. Yes, bars are closed in Florida–but if they serve food (which they all do)…….they’re open. Ans [sic] so much for the 50% capacity “suggestion.”
Analysis: A ‘Tsunami’ of Cash is Driving Rates Ever Lower. What Will the Fed Do?
by Jonnelle Marte
Reuters.com
Nowhere is this more evident than in the rising popularity of a Federal Reserve program that lets firms stash their cash overnight with the U.S. central bank in exchange for at best a small return. The payout these days: Zero percent.
But usage is soaring to record highs as money market funds and other eligible firms cope with what some analysts are calling a “tsunami” of cash.
The banking system is swimming in nearly $4 trillion of reserves, thanks in part to the Fed’s asset purchases, a fall off in Treasury bill issuance and a rapid drawdown in the government’s store of funds at the Fed. The Treasury General Account, or TGA, has dropped by nearly $1 trillion since last fall, mirrored by the surge in bank reserves.
Sentiment Speaks: I ‘Believe’ We Rally Into a June Swoon
by Avi Gilburt
GoldSeek
It is now approaching almost a decade since I began writing public articles outlining my analysis in various markets. And, I have learned a lot about the general investor community based upon many of the comments I have received during that time.
One of the things that I find quite pervasive is the drive for “common-think.” But, even that is a misleading classification. You see, I do not believe investors think anymore.
Rather, I see investors often grab onto something they read or hear in the media, and take personal “ownership” over that idea because it resonates with them for whatever reason. It then becomes the basis for their entire view of the market, and they seek articles which provide confirmation to their bias, and argue with articles that do not. So, rather than seeking out the truth in the market and continually testing their perspective in an objective fashion, most investors simply adopt a personal opinion and ignore or attack anything that disagrees with that opinion. Therefore, truth and profit in investing no longer seem to be the ultimate goal.
Absurd Headline of the Day: Fed Winds Down Program That Saved the Economy
Check out how CNN beefed up a Fed lie that was unbelievable in and of itself.
by Mike ‘Mish’ Shedlock
Mish Talk
CNN says “The Fed will start winding down a program that saved the economy“.
The Federal Reserve announced Wednesday that it will begin winding down a program that purchased tens of billions of dollars of corporate assets to shore up the economy during the pandemic.
In a statement, the central bank said the facility was crucial to businesses during the depth of the recession. But as the economy rapidly recovers, the time to start winding it down has begun.
The program “proved vital in restoring market functioning last year, supporting the availability of credit for large employers, and bolstering employment through the Covid-19 pandemic,” the Fed said.
Ontario Fines Church $66k for Holding Outdoor Services After Police Lock Building
“God is using these things to kick out lukewarm Christianity.”
by Jon Brown
Daily Wire
A small church in Ontario, Canada, and its pastors are facing fines nearing $200,000 for continuing to hold services in defiance of a provincial lockdown order that limits both indoor and outdoor religious gatherings to 10 people.
The Church of God in Aylmer, Ontario, was fined an additional $66,000 on Monday for holding multiple services outside after armed police locked them out of their church building last month to prevent them from gathering, according to Global News.
Crown attorney Lisa Brost argued in court that the church should not even be permitted to appeal having their building locked until all the fines against them were paid in full. Lisa Bildy, who is the church’s attorney, argued that it was unfair that the “burden of all of this enforcement has fallen to the church without any evidence whatsoever that their continuing to meet has caused any outbreaks or illness, let alone death, over the last year.”
U.S. Government Officials Encouraged COVID-19 Origin Cover-Up
by Michael Ginsberg
DailyCaller.com
A U.S. government official reportedly ordered his employees not to publicly acknowledge American connections to and funding of the Wuhan Institute of Virology (WIV), the site implicated in a potential lab-leak coronavirus origin theory.
Christopher Park did not want to open the “Pandora’s Box” of U.S. funding for gain-of-function research, according to a Thursday Vanity Fair report. The U.S. government indirectly funded gain-of-function at WIV through grants to the nonprofit group EcoHealth Alliance. That funding was not subject to a Department of Health and Human Services (HHS) review board that could have rejected the grant, because the sub-agency that awarded grants did not alert the review board.
Seven Questions Anthony Fauci Has Not Answered On Email Scandal, Role in Funding Coronavirus Research Abroad
by Wendell Husebo
Breitbart.com
Dr. Anthony Fauci has not answered the following questions amid his released emails and role in funding coronavirus research abroad.
1. How is “gain of function” defined?
Fauci has not simply defined gain of function.
When, or if, Fauci defines the term, which he wrote about in 2011 as “risky,” will Fauci’s definition agree with Sen. Rand Paul’s (R-KY) definition, who simply defined “gain of function” Thursday as taking “an animal virus and you make it into a super-virus that infects humans.”
Blue Skies Ahead for Precious Metals – Precious Metals Projections, June 2021
by Craig Hemke
Sprott Money
We’ve seen some big rallies in gold over the last few months, and as we wrap up the month of May, the long-term charts are looking good. Once again, host Craig Hemke sits down with Chris Vermeulen of the Technical Traders to break down all the gold and silver charts you need to prepare for the month ahead.
In this edition of the Precious Metals Projections, you’ll hear:
MSNBC Host Says Fauci Emails Make Him “Look Good” During Pathetic Softball Interview
Nicole Wallace fails to ask any real questions during first interview since email revelations.
by Paul Joseph Watson
Summit News
Despite released emails highlighting innumerable cases of Dr. Anthony Fauci’s bumbling response to the COVID-19 outbreak, an MSNBC host said the emails made Fauci “look good” during a pathetic softball interview.
Yes, really.
Despite the fact that the emails reflect terribly on Fauci, Nicole Wallace used the first interview with Fauci since the scandal broke to obsequiously genuflect over his behavior.
“I wonder if you feel like you’re still making up some of that lost ground from many months under the last administration from not just no information but disinformation out there,” said Wallace.
Why Do Inflation Expectations Matter?
by James L. Caton
The American Institute for Economic Research
There is, understandably, a lot of talk about inflation lately. Much of this talk is rooted in a naïve interpretation of the quantity theory. An increase in the quantity of money is thought to surely lead to a proportionate increase in the price level. Yet, the monetary base has increased from around $850 billion to over $5.8 trillion in just over the span of a decade. Despite this nearly 600% increase in the quantity of money, the price level has increased by just 26%. The Fed’s balance sheet stands at nearly $8 trillion today. Where is the inflation hiding?
The answer is by no means simple. Monetary policy is more complicated than it has ever been. Whereas, in the past, one need only look at the rate of monetary expansion and interest rates to develop a sense of the stance of monetary policy, Fed watchers must now consider:
Twitter Censors mRNA Expert Over Remarks About COVID-19 Vaccines
by Penka Arsova
LaCorte News
Twitter has censored a post from Luigi Warren, a pioneer of mRNA technology, which was used to create the Moderna and Pfizer vaccines.
Who is Warren? Warren currently works as the CEO and President of California-based biotech firm Cellular Reprogramming. He and Moderna founder Derrick Rossi are considered pioneers of mRNA technology. Their key findings are what made the Moderna vaccine possible as it uses mRNA technology.
According to one USA Today report, it was Warren’s theory that “RNA could instruct our bodies to produce the drugs needed to fight disease or to inoculate ourselves against viruses.”
After an initial experiment did not show long-term effects, they started looking at older research and followed the findings of two other scientists who figured out they should disguise the RNA to trick the immune response.